GLOUS124 BBR Partners Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV. LP • SOF '1.5 the second secondary fund that was formed in 2011 and held a final close in 2012 with a US$614 million pool of commitments. • SOF 111.6 the third secondary fund that held a single close in late 2014 with a US$1.654 billion pool of commitments. On August 1, 2017 all investment professionals and key operations professionals of the SOF Team spun-out and formed Glendower Capital to continue the secondary investment strategy developed at Deutsche Asset Management. As part of the spin-out, certain arrangements are in place between. inter aria. Deutsche Asset Management and Glendower Capital in order to provide operational continuity to the SOF Funds throughout their remaining term. Pursuant to these arrangements Glendower Capital will continue to provide investment advice and the Managing Partners will provide investment management services to Deutsche Asset Management with respect to the SOF Funds and assist Deutsche Asset Management with the day-to-day management and realization of the portfolio investments. Deutsche Asset Management will have no future role with Glendower Capital, other than in relation to the SOF Funds. As further disclosed in Appendix 5 (Important Performance InfonnatIon) any track record or other financial information in respect of the SOF Funds relates to the SOF Funds raised prior to the spin-out of Glendower Capital from Deutsche Asset Management. Accordingly, when considering the track record and other financial information contained herein, each prospective investor should have regard to the fact that other employees of Deutsche Asset Management who have not Joined Glendower Capital were involved in the investment committees of the SOF Funds and the investment decision-making process in respect of the Investments made by the SOF Funds! Investment Highlights The Manager believes that its market focus and st